Bitcoin - 17% crash is starting! Buy again here:

Technical analysis:

Bitcoin is pumping, but be very careful because the price is currently at the strongest resistance ever. TOP of the parallel channel and 1.618 FIB Extension are definitely extremely strong levels. You do not want to go against it; rather, you want more confirmation. I recommend buying Bitcoin at the middle line of the ascending parallel channel on the log scale chart. On the chart, you can see my Elliott Wave count, and in my opinion, we are in wave (3) of the whole bull market. Are you ready for a crash or not? Let me know what you think about my analysis, and please hit boost and follow for more ideas. Trading is not hard if you have a good coach! Thank you, and I wish you successful trades.

Fundamentals:

How Is the Bitcoin Network Secured?

Bitcoin is secured with the SHA-256 algorithm, which belongs to the SHA-2 family of hashing algorithms, which is also used by its fork Bitcoin Cash (BCH), as well as several other cryptocurrencies.

How Is Bitcoin’s Technology Upgraded?

A hard fork is a radical change to the protocol that makes previously invalid blocks/transactions valid, and therefore requires all users to upgrade. For example, if users A and B are disagreeing on whether an incoming transaction is valid, a hard fork could make the transaction valid to users A and B, but not to user C.

A hard fork is a protocol upgrade that is not backward compatible. This means every node (computer connected to the Bitcoin network using a client that performs the task of validating and relaying transactions) needs to upgrade before the new blockchain with the hard fork activates and rejects any blocks or transactions from the old blockchain. The old blockchain will continue to exist and will continue to accept transactions, although it may be incompatible with other newer Bitcoin clients.

A soft fork is a change to the Bitcoin protocol wherein only previously valid blocks/transactions are made invalid. Since old nodes will recognise the new blocks as valid, a soft fork is backward-compatible. This kind of fork requires only a majority of the miners upgrading to enforce the new rules.

Some examples of prominent cryptocurrencies that have undergone hard forks are the following: Bitcoin’s hard fork that resulted in Bitcoin Cash, Ethereum’s hard fork that resulted in Ethereum Classic.

Bitcoin Cash has been hard forked since its original forking, with the creation of Bitcoin SV. Read more about the difference between Bitcoin, Bitcoin Cash and Bitcoin SV here.

Let me know what you think about my analysis, and please hit boost and follow for more ideas. Trading is not hard if you have a good coach! Thank you, and I wish you successful trades.

Comment:

Daily chart - zoom-in

Comment:

The price of Bitcoin is exactly at the trendline resistance. What is going to happen?

Comment:

Doji candle is a reversal candle. We have this candle on the daily chart.

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Bitcoin is forming a symmetrical pattern. The range is tightening, and we can expect a massive move, probably bearish rather than bullish. There is a lot of liquidity below these lows as well.

Comment:

Do not buy bitcoin at the current price. Wait for a pullback to 44k!

Comment:

This parallel channel can hold until the end of the bull cycle in 2025. You can measure if the price is oversold or overbought with this parallel channel. Clearly the current price is overbought, so wait for a correction before entering!

Comment:

Bitcoin is consolidating (going sideways). ETH and alts are going up. This is probably the last stage of this pump. Do not buy BTC and wait for lower prices. Bitcoin is overbought!